Germany Overtakes Japan to Become the World's Third Economy

  • International
  • 15 February 2024
1

Japan's economy grew by 1.9 percent last year, official data showed, but Germany nevertheless overtook it to become the world's third-largest economy, mainly due to the sharp yen depreciation.

According to government data, Japan's nominal GDP for 2023 was about $4.2 trillion, compared to about $4.5 trillion for Germany, according to figures released last month.

The yen fell more than 18 percent in 2022 and 2023 against the dollar, including about 7 percent just last year, in part because the Bank of Japan, unlike other major central banks, maintained negative interest rates.

Source (Al-Arabiya.net Website, Edited)

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